What are some examples of source documents?
Some examples of source documents include:
- Bank Statements.
- Payroll Reports.
- Invoices.
- Leases & Contracts.
- Check Registers.
- Purchase Orders.
- Deposit Slips – not included on a bank statement.
- Check Copies – not included on a bank statement.
What are the types of source documents in accounting?
The most common documents are:
- Checks.
- Invoices.
- Receipts.
- Credit memos.
- Employee time cards.
- Deposit slips.
- Purchase orders.
What are the five source documents?
Common source documents include:
- Canceled checks.
- Invoices.
- Cash register receipts.
- Computer-generated receipts.
- Credit memo for a customer refund.
- Employee time cards.
- Deposit slips.
- Purchase orders.
How do you record transactions in accounting?
Recording accounting transactions
- Journal entries. The most basic method used to record a transaction is the journal entry, where the accountant manually enters the account numbers and debits and credits for each individual transaction.
- Receipt of supplier invoices.
- Issuance of supplier invoice.
- Issuance of supplier payments.
- Issuance of paychecks.
What are the 3 types of capital?
When budgeting, businesses of all kinds typically focus on three types of capital: working capital, equity capital, and debt capital.
Which type of account is capital?
Account Types
| Account | Type | Debit |
|---|---|---|
| CAPITAL STOCK | Equity | Decrease |
| CASH | Asset | Increase |
| CASH OVER | Revenue | Decrease |
| CASH SHORT | Expense | Increase |
What are the 3 types of accounts?
3 Different types of accounts in accounting are Real, Personal and Nominal Account. Real account is then classified in two subcategories – Intangible real account, Tangible real account.
What accounts are on balance sheet?
Examples of a corporation’s balance sheet accounts include Cash, Temporary Investments, Accounts Receivable, Allowance for Doubtful Accounts, Inventory, Investments, Land, Buildings, Equipment, Furniture and Fixtures, Accumulated Depreciation, Notes Payable, Accounts Payable, Payroll Taxes Payable, Paid-in Capital.
Is salary account a current account?
You cannot open it, when you have salary and other money going into it. In any case, you do not get interest for maintaining balances in your current account….Difference Between A Savings And A Current Account.
| Savings Account | Current Account | |
|---|---|---|
| Ideal for | Salaried person | Business person |
| Minimum Amount | Less amount | Higher amount(depending on the bank) |
Which type of account is salary?
Savings Account
What is difference between savings and salary account?
A Salary Account is opened by an organization with the purpose of crediting the salary to the employee. A Savings Account can be opened by anyone with Aadhar card to deposit money for the purpose of holding or saving it with the bank. A Salary Account is created by the employer. Anyone can open a Savings Account.
Which salary account is best?
The following is the list of best 5 salary accounts available in India:
- Kotak Platina Salary Account.
- SBI Corporate Salary Package.
- HDFC Bank Classic Salary Account.
- Citibank Suvidha Salary Account.
- Axis Bank Prime Salary Account.
Can I use my saving account as salary account?
This depends on the type of account and bank. One can also transfer your savings account to salary account if your employer account is with same bank, provided if your bank permits….Savings Account.
| Salary account | Savings account | |
|---|---|---|
| Who can Open | Employer | Anyone |
| Purpose | Credit of salary | To encourage Savings |
Can we change salary account?
If your salary account’s debit card matches your spending pattern and makes considerable savings for you, you can consider changing your salary account into regular or premium savings bank account.
Can we deposit in salary account?
Yes, you can deposit money in your salary account maintained with the HDFC Bank. You can use the account as a regular account for typical banking transactions. The account can also be used to withdraw the money either from the bank’s branches or ATM’s or using net banking services.
How much money can be deposited in salary account?
For current accounts, the threshold limit for cash deposits between 9 November and 30 December will be Rs 12.5 lakh. Meanwhile, salaried employees, housewives and even low-income workers are being approached by agents with offers of commissions if they deposit cash in their bank accounts.
Can we convert salary account to joint account?
Proof of Identity and Address as per standard account opening process. Proof of Employment. Latest Salary slip. Joint Accounts: For joint accounts, the Proof of Identity & Proof of Address are required for both the applicant as well as the joint applicant(s).
What will happen if salary is not credited in salary account?
When there is no salary credit in the salary or zero balance account for continuous three months, the account will be treated as savings account and individuals need to maintain required Average Quarterly Balance (AQB) as suggested by the bank.
Is salary an expense?
Salaries expense is the fixed pay earned by employees. The expense represents the cost of non-hourly labor for a business. It is frequently subdivided into a salaries expense account for individual departments, such as: Salaries expense – accounting department.
Does salary account have minimum balance?
Salary account There is no minimum balance requirement. It can help you pay utility bills, transfer money, withdraw, and so on. Plus, most banks offer debit and credit cards which can be used while shopping as well as earn reward points, get discounts, cash-backs and much more!
Can a company withdraw money from salary account?
a) When the salary is due, payable by the employer and receivable by the employee in the normal course. The answer is “Yes” and “No” i.e. in some situations the employer can withdraw the credit. a) When the salary is due, payable by the employer and receivable by the employee in the normal course.